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South Korea to unveil tax hike plan next week

South Korea to unveil tax hike plan next week

SEOUL: The South Korean government will unveil its plan to increase taxes for the superrich and biggest businesses next week, government officials said Saturday.

On Wednesday, Finance Minister Kim Dong-yeon is scheduled to announce a set of tax code revisions, which is regularly done twice a year, they said.

The issue of a tax increase has emerged as a hot potato in politics as the governing Democratic Party earlier hinted at a potential tax hike, mostly for the superrich and large conglomerates.

On the presidential campaign trail, President Moon Jae-in hinted at corporate and income tax hikes, and a removal of tax exemptions and benefits to secure funding to push through his various agendas.

Moon has vowed to create some 800,000 public jobs during his five-year term, grant an allowance to young jobseekers and offer public residence to newlyweds at affordable rent.

South Korea will need an additional 178 trillion won (US$159.6 billion) over the five-year period to fulfill Moon’s pledges, according to government data.